EXHIBIT 21
INDEPENDENCE HOLDING COMPANY
Subsidiaries as of March 22, 2002
SubsidiaryJurisdiction
Independence Capital Corp. Delaware Independence Financial Services Corp. Delaware
Madison National Life Insurance Company, Inc. Wisconsin
Madison Investors Corporation Delaware
Credico Corporation North Carolina
Credico Life Insurance Company Nevis
SAR Holdings, L.P. Delaware
Risk Assessment Strategies, Inc. Delaware
Standard Security Life Insurance Company of New York New York
Standard Security Investors Corp. New York
SSH Corp. Delaware First Standard Security Insurance Company Delaware
On-Line Brokerage, Inc. Delaware
IndependenceCare Holdings L.L.C. Delaware
IndependenceCare Underwriting Services - Minneapolis L.L.C. Minnesota
IndependenceCare Underwriting Services - Illinois L.L.C. Minnesota
IndependenceCare Underwriting Services - Tennessee L.L.C. Tennessee
IndependenceCare Underwriting Services - West L.L.C. Minnesota
IndependenceCare Underwriting Services - Southwest L.L.C. Texas
Madison Standard Corp. Wisconsin
Independence Land and Capital, Inc. Delaware
IFS Corp. Delaware
G.P. Associates Holding Corp. Delaware